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ACC210 Financial Accounting: Week 4, Intangibles, Quiz 1.1

Deleted user 10 questions Updated 2 Sep 2017

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Questions in this quiz (10)

  1. 1How are intangible assets normally defined?
    1. AAs rights
    2. BAs non-monetary and without physical substance
    3. CAs non-current and without physical substance
    4. DNone of the above
  2. 2Which of the following does not belong with the others?
    1. APatent
    2. BCopyright
    3. CGoodwill
    4. DTrademark
  3. 3Internal expenditure related to the development of which of the following intangible assets can be capitalised rather than expensed?
    1. AGoodwill
    2. BPatents
    3. CBrand names
    4. DR&D
  4. 4Which of the following factors would you not associate with goodwill?
    1. ALoyal customers
    2. BEstablished reputation
    3. CQuality employees
    4. DLocation
  5. 5Complete the definition of an intangible asset:'an __________ non-__________ asset without __________ substance'.
    1. Aunidentifiable; current; tangible
    2. Bidentifiable; physical; real
    3. Cidentifiable; monetary; physical
    4. DNone of the above
  6. 6To be classified as an 'identifiable intangible' requires the asset to be separable. Separable means being capable of being separated or divided and being sold. Apart from sale, a number of other possibilities are listed in the standard. Which of the following is not one of these?
    1. ALeased
    2. BTransferred
    3. CLicensed
    4. DRented
  7. 7AASB 138 requires 'separable' intangible assets to be recognised in the balance sheet. Complete the following definition of 'separable': 'Separable means that the organisation could ________, sell, exchange or distribute the specific future economic benefits attributable to the asset without also ________ future economic benefits that ______ from other assets used in the same revenue-earning activity.'
    1. Ahire; realising the; arise
    2. Brent; disposing of; flow
    3. Clease; recognising the; are derived
    4. Dappropriate; accounting for the; emanate
  8. 8The formation or start-up costs of an organisation would not be shown as an asset under the new accounting standard based on what grounds?
    1. AFailure to meet the 'separable' test
    2. BThe absence of control
    3. CThe lack of a reliable measurement
    4. DOn the grounds that the future economic benefits will probably not arise
  9. 9In terms of the life of intangible assets, they are classified as either having a finite or an __________ life. What is the missing term?
    1. AInfinite
    2. BIndefinite
    3. CExtended
    4. DUnlimited
  10. 10
    For intangible assets, they may be recognised only where there is an 'associated' cost. Which of the following would not normally be considered an 'associated' cost?
    1. APurchase price
    2. BImport duties
    3. CEmployee costs associated with work undertaken to get the asset ready for use
    4. DAdvertising costs

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http://highered.mheducation.com/sites/0070277745/student_view0/chapter8/student_revision_quiz_8_1.html
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Deleted user
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English
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Created on 2 Sep 2017 · updated on 2 Sep 2017
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